Asia Mostly Gains Amid China Rate Decision

Asia-Pacific markets climbed Monday as investors parsed China’s central bank’s decision to keep its loan prime rates steady.

The Nikkei 225 cleared breakeven 10.48 points to 50,42.87.

The Bank of Japan raised its policy rate by 25 basis points to 0.75% —a three-decade high— last Friday.

In Hong Kong, the Hang Seng descended 27.63 points, or 0.1%, to 25,774.14.

CHINA

The CSI 300 in Shanghai added 9.11 points, or 0.2%, to 4,620.73.

The People’s Bank of China kept its one-year and five-year loan prime rates unchanged at 3% and 3.5% respectively, holding them for a seventh straight meeting, in line with a Reuters survey. The one-year rate influences most new and outstanding loans, while the five-year benchmark affects mortgages.

In other markets

In Korea, the Kospi moved higher 11.39 points, or 0.3%, to 4,117.32.

In Singapore, the Straits Times Index advanced 28.68 points, or 0.6%, to 4,638.97.

In Taiwan, the Taiex acquired 160.83 points, or 0.6%, to 28,310.47

In New Zealand, the NZX 50 edged up 9.43 points, or 0.1%, to 13,517.73.

In Australia, the ASX 200 picked up 95.81 points, or 1.1%, to 8,795.71.